The Real Deal Miami

Ram Realty trades Plantation shopping center for $29M

Deal breaks down to $169 per square foot

April 21, 2016 05:00PM
By Sean Stewart-Muniz

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8171 West Sunrise Boulevard

8171 West Sunrise Boulevard

Ram Realty just sold its Plantation shopping center anchored by Publix for $29.3 million.

The deal includes Jacaranda Plaza, a 173,044-square-foot shopping center at 8171-8373 West Sunrise Boulevard near the Sunrise Country Club.

Ram acquired the center out of foreclosure in 2012, according to county records. The real estate firm then put $1 million into renovating Jacaranda Plaza and its facades.

Now, through a deed recorded this week, Ram sold the shopping center to an affiliate of Texas-based Epic Real Estate Partners.

The investment firm, which specializes in buying grocery-anchored shopping centers, paid about $169 per square foot for Jacaranda Plaza. It financed the deal with a $19.95 million loan from BankUnited, according to county records.

Besides its newly acquired Plantation property, Epic owns one other Florida property: the 176,341-square-foot Alafaya Square in Oviedo, a small city in Seminole County.

The company’s counterpart in this deal, Ram, grabbed headlines late last year when it sold a newly built Boca Raton apartment complex for nearly $82 million. The firm has since bought another development site in Boynton Beach for $15.75 million, where it’s planning a new Class A rental community.